McKinley StEast Rochester,
NY14445

$85,500

Home Details
for McKinley St

180+ Days on Trulia

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Description provided by Realty Trac

McKinley St
Notice of Default. This property has started the foreclosure process because a loan secured by the property is in default. The borrower/homeowner still has the opportunity to stop the foreclosure by catching up on defaulted payments or paying off the entire loan balance usually by refinancing or selling the property. Homeowners in default are often motivated sellers who want to avoid losing their property at public foreclosure auction. Please register for a free trial with RealtyTrac to access complete information for this property, including full address, foreclosure details, owner and lender information, and more.
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Foreclosure Types

Pre-Foreclosure (Notice of Default or Lis Pendens):

Pre-foreclosure (NOD or LIS) is the first stage in the foreclosure process that begins when a homeowner receives a default notice for missing one or more mortgage payments. Owners in default can stop the foreclosure process by paying the past-due payments or by paying off the entire loan balance — usually by refinancing or by selling the property. They can also avoid foreclosure by selling before the auction — this may have to be a short sale if the homeowner owes more than the property is worth. Homeowners in pre-foreclosure are usually motivated sellers who want to avoid losing their property at a public foreclosure auction.

Auction (Notice of Trustee Sale or Notice of Foreclosure Sale):

A public foreclosure auction (NTS, NFS) occurs when a homeowner in default does not stop foreclosure proceedings during the pre-foreclosure period. Properties are typically auctioned off in a public location — such as a local county courthouse — by an attorney or local public official. Auctions can present opportunities to buy properties below market value, but usually don't allow for property inspections and often require that buyers pay in cash — typically in the form of cashiers checks. Up until the auction occurs, however, buyers may still have an opportunity to buy directly from the homeowner in default via short sale or regular sale.

Bank Owned (REO):

A property becomes a full-fledged foreclosure — sometimes referred to as a Real Estate Owned (REO) property — when it is repossessed by the foreclosing lender. The lender can take possession either through a deed-in-lieu-of foreclosure agreement with the owner during the pre-foreclosure period or through a winning bid at the public foreclosure auction. Foreclosing lenders are often motivated to sell these properties quickly because they are non-performing assets for their bottom line. Of the three stages of foreclosure, REOs are most likely to also be listed for sale with a real estate agent on the MLS, but not all REOs are listed yet — meaning buyers may have to contact the lender or servicer directly to make an offer.

If the loan for a property is not reinstated by the end of the pre-foreclosure period, potential buyers can bid on the property at a public auction. Below are a few pointers on buying a property at auction — you'll learn about the foreclosure auction...

Eviction of former owners or tenants is the buyer's responsibility. Even if you've conducted thorough research on a foreclosure property and successfully placed the winning bid at the public auction, it doesn't necessarily mean you can move into the property...

Pre-foreclosure is a crucial time in the foreclosure process. It is during this period that investors can typically make the largest profits and can negotiate a deal that may be favorable for all parties involved including the buyer, homeowner, and lender....

Corporate

This Single-Family Home is located at McKinley Street, East Rochester NY. McKinley St is in the 14445 ZIP code in East Rochester, NY. The average listing price for ZIP code 14445 is $180,179. McKinley St has 3 beds, 2 baths, approximately 1,650 square feet, and was built in 1926